Impact of the 2024 Olive Season on Prices and Global Production

Dear Valued Customers,

We would like to share with you some important insights regarding the global olive market situation this year and how global circumstances have impacted prices and production.

Global Olive Production Shortfall:

According to data from the International Olive Council (IOC), the world has experienced a significant decrease in olive production during the 2024 season. Major olive-producing countries, such as Spain and Greece, have seen a notable decline in their harvests due to extreme weather conditions. In Spain, heatwaves and drought have caused a substantial reduction in production, affecting the availability of olives and olive oil in global markets.

Increase in Olive and Olive Oil Prices:

Due to the decrease in production, prices for both olives and olive oil have risen significantly in global markets. For instance, the price of extra virgin olive oil in Spain reached approximately €7.85 per kilogram in May 2024, an increase of about 32.7% compared to the same period last year. In Greece, prices rose to €7.2 per kilogram, up 28.6%.

Olive Prices in the Market:

In addition to the increase in olive oil prices, the prices of olives themselves have also risen in global markets. In the United States, the retail price range for olives is between $1.92 and $4.80 per kilogram, which is approximately €1.76 to €4.40 per kilogram in major cities like Washington and New York.

Emergencies and Their Impact on the Market:

In addition to weather conditions, several countries faced additional challenges, such as wildfires in Spain, which significantly impacted crops and further deteriorated productivity, increasing pressure on the global market and olive and olive oil prices.

Egypt's Competitive Advantage:

Despite these challenging circumstances, Egypt has had a clear competitive advantage. Thanks to favorable weather conditions and increased investments in the olive sector, Egypt has maintained a good level of production compared to other countries, making it a reliable source of olive oil in the global market. Egypt has been able to fill the gap caused by production shortages in other countries, helping stabilize prices in some markets​.

At 2Brother4Olives, we are committed to providing the highest quality products to our customers worldwide. We continue to monitor market developments to ensure we offer the best products at the most competitive prices.

Thank you for your continued trust in our products.